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PRINT THIS PAGE Guidelines for Disclosure and Transparency
in Private Equity: Q&A for private equity firms12/12/2007. Source: Kirkland & Ellis International . Stephanie Biggs
This Kirkland & Ellis International Q&A is designed to answer some of the key questions that private equity firms may have in relation to the Guidelines for Disclosure and Transparency in Private Equity published by the Walker Working Group on 20 November 2007 (the “Guidelines”). Q1. What is the status of the guidelines?
The Guidelines have been produced at the request of the BVCA, as part of a self-regulatory initiative. The Guidelines are not legally binding, and compliance is voluntary. However, there is significant political pressure to ensure that the Guidelines have “teeth”, so a commitment to conform to the Guidelines will be a condition of BVCA membership in
future.
It is important to note that the Guidelines operate on a “comply or explain” basis. In some situations, there may be good reasons why the Guidelines should not be strictly observed. In this case, a firm is not required to comply with the Guidelines, but must give reasons for its non-compliance.
Q2. Is my firm subject to the guidelines?
The Guidelines apply to those firms that are “private equity firms” as defined for the purposes of the Guidelines, and to certain of their portfolio companies.
In a broader sense, the Guidelines seek to inform the behaviour of all private equity firms that invest, or may invest, in UK portfolio companies over a certain size.
To read the rest of this Q&A please click here (pdf 396kb).
Founded nearly 100 years ago, Kirkland & Ellis has been called upon to handle complicated litigation, corporate, intellectual property and technology, bankruptcy, tax, and counseling matters for major national and international clients. For more information, please visit www.kirkland.com.
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